Market Structures and Competition — Quiz

Question 1

Who sets the price in a monopolistic competition?

Revolt · Accepted Answer

producers and consumers

Question 2

Wellness Pharmaceuticals has released a new antidepressant, Lexabuzac. Which type of monopoly does the company most likely have on this medication?

Revolt · Accepted Answer

government monopoly

Question 3

In the United States, which type of industry is often considered part of an oligopoly?

Revolt · Accepted Answer

cell phone carriers

Question 4

The lack of competition within a monopoly means that

Revolt · Accepted Answer

monopolists set their own price.

Question 5

When an oligopoly exists, how many producers dominate the market?

Revolt · Accepted Answer

a few

Question 6

The lack of competition within a monopoly means that

Revolt · Accepted Answer

monopolists set their own price.

Question 7

Which is an example of a government monopoly in the United States?

Revolt · Accepted Answer

the US Postal Service

Question 8

Which best describes how the government enables government monopolies to exist?

Revolt · Accepted Answer

by issuing a patent

Question 9

Why is competition limited in an oligopoly?

Revolt · Accepted Answer

High entry costs prevent new producers from entering the market.

Question 10

In an oligopolistic market, consumer choice is

Revolt · Accepted Answer

limited.

Market Structures and Competition — Quiz Answers